The KE Report

Dr. Robert Quartermain, Co-Chairman, Director and CEO of Dakota Gold (NYSE American: DC), joined me for an update on their Richmond Hill Project and Maitland Gold Project, both located in the historic Homestake District of South Dakota, near existing mining infrastructure.   The company is advancing its Richmond Hill project toward eventual surface heap leach gold operation as soon as 2029, and expanding the high-grade gold mineralization discovered at the Maitland Gold Project toward an initial resource estimate.
 
We start having Robert share his background in the industry, as he was previously the Executive Chairman of Pretium Resources Inc., which he founded in October 2010. Prior to Pretium, he was President and Chief Executive Officer of Silver Standard Resources Inc. (now SSR Mining Inc.) for 25 years from 1985-2010. Not only does he have a wealth of experience in developing and constructing producing mines, but he has assembled a solid management team and board filled with industry veterans that have worked in either the Homestake Mine, before it closed down, or the currently producing nearby Wharf Mine, operated by Coeur Mining.
 
Richmond Hill is one of the largest undeveloped oxide gold resources in the United States being advanced by a junior mining company, with over 6 million ounces of gold and over 60 million ounces of silver moving along the pathway of development into heap leach production as soon as 2029. Principle Projects on Private Land which equates to a positive attribute for efficient permitting with State and County organizations.
 
S-K 1300 Mineral Resource (Heap Leachable):
65 M oz M&I Gold, 2.61 M oz Inferred Gold
1 M oz M&I Silver, 22.8 M oz Inferred Silver
 
Dakota Gold has engaged the current consulting groups based on their capabilities to deliver an Initial Assessment with Cash Flow (IACF) in mid-2025 (similar to a PEA).  This economic study will be based on a 30,000 ton per day crushing circuit, and further the project towards ultimate production. The Company continues Feasibility planning with M3 as the overall Study Manager as well as the lead for processing, while RESPEC will manage the mining and environmental aspects
 
There are currently two drill rigs turning at Richmond Hill. In 2025, the Company expects to drill ~80,000 feet (24,384 meters) using a combination of Reverse Circulation and Core drilling. The primary focus of the program is to collect metallurgical samples for the Feasibility Study, infill, and expansion resource drilling in the northeast corner of the Project area. This area is expected to be mined at the beginning of the mine plan and is higher-grade than the overall deposit.
 
At the Maitland Gold Project the Company is currently assessing the exploration data collected to date from the JB Gold Zone and the Unionville Zone with the intent of outlining an initial inferred gold resource. The work is expected to be completed in the fall of 2025. To date the JB Gold Zone has encountered a number of high-grade intersections which average 10.76 g/t Au over 4.0 meters.
 
With the recent financing announced March 20, 2025, the Company currently has a cash balance of $47 million as noted in the filed 10Q as at March 31, 2025, and is fully financed through the IACF and the subsequent completion of its Feasibility Study on the Project.
 
If you have any questions for Bob Quartermain regarding Dakota Gold, then please email those in to me at Shad@kereport.com.
 
In full disclosure, Shad is a shareholder of Dakota Gold at the time of this recording, and may choose to buy or sell shares at any time.
 
Click here to follow the latest news from Dakota Gold

Jamie Levy, President and CEO of Generation Mining Limited (TSX:GENM, OTCQB: GENMF), joins me for an update on their fully-permitted and shovel-ready Marathon Copper-Palladium Project in Northwestern  Ontario.  We talk resources, key metrics from the Feasibility Study, options for the upcoming mine financing, and the potential for funding support from the province of Ontario.
 
We start off talking about he robust resources at Marathon with 1.1 billion lbs of copper, ~4 million ounces of palladium, and 1.3 million ounces of platinum, with some additional co-credits from gold and silver.   Jamie highlights the importance of developing domestic sources of these strategic metals in Canada, and the interest from the provincial and federal governments on expediting the construction of new mines and sources of supply in country.
 
The Feasibility Study estimated a Net Present Value (using a 6% discount rate) of C$1.07 billion, an Internal Rate of Return of 28%, and a 1.9-year payback based on the 3-yr trailing average metal prices at the effective date of the Technical Report. Over the anticipated 13-year mine life, the Marathon Project is expected to produce 2,161,000 ounces of palladium, 532 million lbs of copper, 488,000 ounces of platinum, 160,000 ounces of gold and 3,051,000 ounces of silver in payable metals. 
 
We discuss the capital stack coming together starting off with the Wheaton Precious Metals stream, which consisted of an early deposit of $40 million (received) and then an upcoming $200M construction payment for 100% gold and 22% platinum production. Endeavour Financing has also helped set up a mandate letter for banking syndicate of Export Development Canada, ING Capital LLC and Societe Generale to arrange a Senior Secured Project Finance Facility of up to $540M. Conditional on final diligence and debt capacity.  Additionally, there are ongoing discussions for $200M of deeply subordinated debt, and the potential for government grants.
 
Wrapping up we discussed the experience of the team in developing and building prior mines, and why they'd prefer to build Marathon internally, but are still open to the options of JV partners or a project scale if it was the best value creation for shareholders.
 
 
If you have any questions for Jamie regarding Generation Mining, then please email those in to me at Shad@kereport.com. 
 
Click here to follow the latest news from Generation Mining

Astra Exploration (TSX.V:ASTR - OTCQB:ATEPF - FSE:S3W) CEO Brian Miller returns to share assay results from the company's initial drill program at the La Manchuria gold-silver project in Argentina.
Since our last conversation in February, Astra has completed a 2,468-meter, 11-hole program targeting extensions and parallel structures in the project's main zone. The market took notice after the company reported three out of four holes that returned high-grade intercepts.
 
Brian breaks down:
Key results from the first four holes and why 108A stands out
The structural complexity and vein density of the system, including up to 20 individual vein structures in one section
How Astra is stepping beyond historic drilling to expand the known mineralized footprint
Expectations for remaining assays and timing for the next drill program
Current treasury position (~C$2M) and next steps for drilling once field conditions improve
With a more bullish gold market backdrop, strong results like these are finally being rewarded. Astra is positioned for a potentially transformative year.
Visit Astra's website to review the latest news releases.Email questions to follow up with Brian on the next update - Fleck@kereport.com

Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins us to review the value proposition and key takeaways from the recent site visit that he took to see the First Nordic Metals (TSX.V: FNM) (OTCQB: FNMCF) projects along the Gold Line Belt of Sweden.
 
We start off getting some of the nuances around using the collective wisdom of other institutional site visit attendees and various members of the First Nordic team on-site to get a better understanding of the various projects, key targets identified, exploration work underway, and what criteria other investors and analysts were weighting more heavily.
 
The conversation then turned to the underlying value in the 2.4 million ounces of gold defined so far in the Barsele Project, in a JV with Agnico Eagle.   Erik outlines that some member of Agnico Eagle were present at the site visit and outlined 7 drill targets they’d be going after for this year’s exploration program.
 
We also discussed the amount of drilling focus that the Aida target has received at the Paubäcken Project, with many assays pending release from the lab, and some showing visible gold. When Erik was there the team finished up drill hole #38.   The exploration team at First Nordic has also done a lot of targeting work for upcoming drilling at the Harpsund target, and more targeting underway at the Brokojan target.
 
The Storjuktan Project is also seeing drilling get underway at the Nippas target, which has had a lot of targeting work completed thus far.  Additionally, there are several other regional targets at Storjuktan that different geologists and analysts were animated by, particularly Bråna to the south, due to mineralization that is outcropping at surface.
 
We wrap up discussing the financial health of the company to continue the ongoing 25,000 meter drill program across the Gold Line Belt.
 
 
 * In full disclosure, some companies mentioned by Erik in this interview, are positions held in his personal portfolio, and also may be site sponsors of The Hedgeless Horseman website at the time of this recording. 
 
Click here to follow Erik’s analysis over at The Hedgeless Horseman website
 

Dave Erfle, founder and editor of Junior Miner Junky, joins us for a timely update on the silver sector, following a major technical breakout in silver above the long-standing $35 resistance level.
Silver is now trading above $36, yet many silver stocks are still lagging, presenting both a potential opportunity and a challenge for investor sentiment. In this interview, we break down the signals from the market and silver equities.
Key themes discussed:
Why silver’s breakout wasn’t a surprise to seasoned silver stock investors
Volume and price action in SIL and SILJ - and what it suggests
Why many silver stocks are still undervalued, even after the breakout
The importance of a disciplined selling strategy in bull markets
Where Dave sees the most value: advanced-stage juniors with de-risked projects and upcoming PEA catalysts
We also revisit past silver runs, including the 2020-2021 silver squeeze, and compare current valuations. Dave shares what indicators he’s watching next, including inflation data, the U.S. dollar, and how much FOMO sidelined investors can handle before jumping back in.

Craig Hemke, founder and editor of TF Metals Report, returns to share insights into the continued strength across precious metals markets, with a particular focus on the outperformance of silver and junior mining stocks.
While gold remains rangebound around $3,300, silver has surged past $35/oz and now $37/oz , marking a breakout many investors have been waiting for. Craig highlights the powerful momentum dynamic in silver, where price strength feeds investor interest, accelerating further gains. This move is also showing up in key silver equities like the SILJ ETF, which has reclaimed levels not seen since 2022.
 
Key discussion themes include:
The self-reinforcing momentum in silver and how it mirrors past speculative cycles
ETF and equity signals: SILJ surpassing key resistance, signaling investor confidence
Rotation into silver, platinum, palladium, and copper as gold consolidates
The impact of central bank demand and a sharply weaker U.S. dollar on gold and silver
Upcoming catalysts: CPI/PPI inflation data, FOMC meeting and dot plot, and option expiries in metals and mining stocks
Craig also outlines how institutional buy-side expectations are slowly catching up to the new price environment and how that could impact analyst price targets across the mining sector.
Click here to visit Craig’s website - TF Metals Report

Jason Jessup, CEO and Director of Magna Mining (TSX.V: NICU) (OTCQX: MGMNF), joins me for a review of Q1 financials and operations update at the producing McCreedy West copper mine in Sudbury, Canada.  We also review the ongoing exploration and development work at the Levack Mine, working towards and updated resource estimate in Q3 and mine restart plan by year-end.  There are currently 4 drill rigs turning between the 2 properties.
 
We kick off the conversation with a review of Q1 2025 financials and how production and development has been going over the last few months at their McCreedy West Copper Mine, since the company took over the operations from KGHM International on February 28, 2025. The quarter included 1 month of production from McCreedy West coming in at 790,000 lbs of copper equivalent payable in March; and with the total ore processed being 20,388 tonnes at an average grade of 3.01% copper equivalent.  The end of Q1 cash balance for the Company was $38.3 million.
 
Jason discusses the primary focus at McCreedy West for this year is really getting all the development work completed to be able to really ramp up production in a big way in 2026.  There will still be ore processed each quarter, but the operations teams wants to get enough stopes opened up through development for the balance of this year to have options in accessing mineralization from different parts of the mine.   We also reviewed how in addition to the high-grade copper area of the mine in the 700 Copper Zone, that there is the Intermain Nickel Zone and a Precious Metals Zone, with platinum, palladium, and gold that can be accessed down the road at the right metals prices and margins.
 
Next we transitioned over to all the exploration focus at the past-producing Levack mine and Jason outlines the Company strategy to keep aggressively drilling and delineating mineralization with a targeted Resource Estimate for Q3, while also continuing with engineering work to then put out a Mine Restart Plan by year end. This is all leading towards the pathway for bringing the Levack Mine back into production in 2026.   Additionally, the team is still advancing similar derisking and development work at their Crean Hill Project where, depending on financial market conditions, it could be on a dual track for production in late 2026 or early 2027. 
 
 
If you have questions for Jason regarding Magna Mining, then please email me at Shad@kereport.com.
 
In full disclosure, Shad is a shareholder of Magna Mining at the time of this recording.
 
Click here to follow along with the news at Magna Mining

In this market focused Daily Editorial, we welcome back TG Watkins, Director of Stocks at Simpler Trading and editor of the Profit Pilot website and YouTube channel. TG joins us every few weeks to provide a data-driven look at key trends in markets and equities, based on what he’s seeing in his charts and trading room.
 
TG breaks down several important themes playing out right now:
S&P 500 grinding above 6,000, despite expectations of a pullback
Rotation underway: Leaders like Nvidia and Broadcom are stalling, while names like Qualcomm, ARM, and Micron catch a bid
Small caps are playing catch-up, with the Russell 2000 (IWM) outperforming large caps in recent days
Gold consolidating, but gold equities (GDX, GDXJ) and silver stocks (SIL) show technical strength
Copper and silver may be flashing signs of broader economic growth
Nuclear stocks still a buy: TG remains bullish on the small modular reactor trend, with names like Oklo and NuScale holding up after big runs
 
Click here to visit Profit Pilot to follow TG’s trades and market videos.

In this KE Report company update, we welcome back Jeff Swinoga, President and CEO of Exploits Discovery (CSE:NFLD - OCTQB:NFLDF - FSE:634), to discuss the company’s transformational pivot toward Quebec and Ontario gold projects, while still maintaining a presence in Newfoundland.
Exploits Discovery has just signed an option agreement with Cartier Resources to acquire three gold projects in Quebec - Benoist, Fenton, and Wilson - which collectively host approximately 680,000 ounces of historic gold resources. This comes on the heels of a recent Ontario acquisition at the Hawkins Project, signaling a major shift in strategic focus and setting the stage for potential resource growth and re-rating.
 
Key Highlights from the Interview:
Strategic entry into Quebec with flexible terms on the Cartier option agreement
Initial exploration plans at Benoist, where historic intercepts include 21 g/t Au over 5.6m and 26 g/t Au over 4.1m
Plans for dual fall drill programs at both Benoist and Hawkins following permit approvals
Continued monitoring of Newfoundland properties, with the potential to re-allocate exploration capital based on discovery upside
Insight on potential partnerships, investor interest from Quebec, and valuation upside based on current EV/ounce metrics
🔗 Visit Exploits’ website: https://exploitsdiscovery.com.
If you have any follow up questions for Jeff please email me at Fleck@kereport.com.

In this company update, we welcome back Eric Roth, President and CEO of Capella Minerals (TSX.V:CMIL - OTCQB:CMILF), to discuss a major new exploration agreement advancing their gold and copper projects in Norway and Finland.
Capella has signed a multi-stage earn-in deal with Turkish gold producer Tümad Madencilik, a company with 200,000 ounces of annual gold production and ambitions to expand internationally. The agreement could see up to US$12 million in exploration expenditures across Capella’s Scandinavian assets, without any corporate-level dilution.
 
Eric explains:
How the relationship with Tümad developed from his previous success with Mariana Resources and the Hot Maden discovery.
The three-stage earn-in structure, with Tumad able to earn up to 51% by funding exploration work.
Immediate exploration plans for summer 2025, including drill programs at the Hessjøgruva copper project in Norway and the gold-copper targets in Finland.
The flexibility for potential future acquisitions and Tümad’s appetite for additional projects.
If you have any follow up questions for Eric please email me at Fleck@kereport.com.
 
Click here to visit the Capella Minerals website to learn more about the Company.